Canadian software holding company founded by Mark Leonard in 1995 — which acquires vertical market software companies (mission-critical software for niche industries like parking, marinas, transit) and holds them permanently — generating 30%+ annual returns over 25 years.
Proved the permanent ownership model in software — by buying niche vertical software companies at fair prices, holding forever, and reinvesting cash flows into more acquisitions — Constellation compounded at rates that beat Berkshire Hathaway over its history.
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